Nuveen LLC Makes New Investment in IAC Inc. $IAC

Key Points

• Nuveen LLC has acquired 170,271 shares of IAC Inc., valued at approximately $7.82 million, representing a 0.23% ownership stake in the company.
• JPMorgan Chase & Co. increased its holdings in IAC by 11.4%, now owning over 5.4 million shares worth approximately $250 million.
• Analysts have been adjusting their price targets for IAC, with a consensus target of $47.92 and most analysts maintaining a "buy" rating.

Nuveen LLC purchased a new stake in IAC Inc. (NASDAQ:IAC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 170,271 shares of the company's stock, valued at approximately $7,822,000. Nuveen LLC owned about 0.23% of IAC at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. LPL Financial LLC boosted its position in IAC by 17.1% during the fourth quarter. LPL Financial LLC now owns 5,016 shares of the company's stock worth $216,000 after acquiring an additional 733 shares during the last quarter. Guggenheim Capital LLC purchased a new stake in IAC during the 4th quarter worth $211,000. Hsbc Holdings PLC purchased a new stake in IAC during the 4th quarter worth $292,000. Boothbay Fund Management LLC purchased a new stake in IAC during the 4th quarter worth $915,000. Finally, Oxford Asset Management LLP purchased a new stake in IAC during the 4th quarter worth $268,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Barclays dropped their price target on shares of IAC from $61.00 to $52.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Oppenheimer decreased their price objective on shares of IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. Truist Financial decreased their price objective on shares of IAC from $61.00 to $57.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. JMP Securities decreased their price objective on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating for the company in a report on Tuesday, June 10th. Finally, Wall Street Zen raised shares of IAC from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Twelve research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $47.92.

IAC Stock Performance

IAC stock traded down $0.11 during midday trading on Friday, reaching $36.60. 360,379 shares of the stock traded hands, compared to its average volume of 1,102,634. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29. The firm has a fifty day moving average price of $37.89 and a two-hundred day moving average price of $39.07. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of -6.79 and a beta of 1.23. IAC Inc. has a fifty-two week low of $32.04 and a fifty-two week high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $2.57 EPS for the quarter, topping analysts' consensus estimates of ($0.30) by $2.87. IAC had a negative net margin of 14.52% and a negative return on equity of 8.23%. The company had revenue of $586.93 million for the quarter, compared to the consensus estimate of $601.38 million. During the same period in the previous year, the firm earned ($1.71) EPS. IAC's revenue was down 7.5% on a year-over-year basis. On average, equities research analysts forecast that IAC Inc. will post 0.43 earnings per share for the current year.

IAC Company Profile

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.